"Catapult Your Business to Fore, Gain Competitive Advantage "
The global mobile crane market size stood at USD 14.35 billion in 2018 and is projected to reach USD 22.34 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period.
This market is experiencing rising investments in the construction, power utilities and shipbuilding sectors, due to increasing urbanization and export & import facilities. Moreover, the introduction of industrial IoT, SCADA, AI and machine learning technologies is enhancing the market opportunities for the key players. These emerging technologies offers easy operating services with appropriate navigation and decision making skills.
Request a Free sample to learn more about this report.
Emergence of SCADA and Industrial IoT-enabled Mobile Cranes to Boost the Market
The emergence of SCADA connected devices and industrial IoT is crafting a positive image for advanced cranes across the world. Industrial Internet of Things (IIoT) incorporates the existing technologies such as big data and artificial intelligence at next level, offering value added services to their clients. These cranes are integrated with multiple sensors and probes, assisting the crane operator by gathering appropriate data, to better understand, control and guide the machine, henceforth, boosting the market growth across the world.
Rising Construction and Power Utilities Spending Worldwide to Thrust the Market Growth
The government and private sectors across the globe are making large investments in the construction of new residential & commercial buildings and public infrastructure, thus supporting the growth of the construction industry. According to the Institute of Civil Engineers, in 2018, the global construction market is expected to reach USD 8 trillion by the end of 2030, driven by the infrastructure development across U.S., China, and India. For instance, as stated by the International Energy Association (IEA), the global power sector investment accounted for USD 775 billion in 2018, however China witnessed the highest growth in the power utilities sector with increasing investments in the construction as well as the power utilities projects.
Therefore, increasing foreign direct investments and other research and development plans tend to boost the demand globally.
Inappropriate Crane Operation Training Leads to Hazards Restraining the Market Growth
Lack of training to the crane operators is responsible for causing most injuries, fatalities and accidents on the site. These cranes can accidentally come in the contact of electric lines, thus it is essential to get clearances from the electrical lines and verified sources such as electrical safety orders from the government. Unawareness of load indicating devices limits the technological advancements leading to increasing accidents caused due to falling of load, hence restrains the market growth globally.
To know how our report can help streamline your business, Speak to Analyst
Truck Crane to Portray the Highest Growth Rate in the Near Future
The global mobile crane market is segmented on the basis of type, which is further sub-segmented into truck crane, all terrain crane, rough terrain crane, crawler crane, and others.
The truck crane is anticipated to have an exponential market growth owing to the rise in demand for mobile machinery in the construction, power utility and many other industries. Truck cranes are integrated with fixed telescopic booms over the truck that offers varied engineering and construction services.
Moreover, the all-terrain crane and rough terrain crane segment depicts progressive growth due to increasing demand for construction machinery in the rough terrain construction projects. These types of cranes are mostly used in heavy engineering and construction, shipbuilding and power and energy utility industries.
Furthermore, the crawler crane market is expected to portray stagnant growth owing to its increasing average selling price, leading to minimum sales and dipping demand of these cranes. The other segment comprises of loader cranes that represents steady growth, due to decreasing demand of loader machineries across several sectors.
Construction Application to Lead the Market in the Forecast Period
By application, the market is bifurcated into construction, oil and gas, shipbuilding, power utilities, and others.
Construction application is predicted to grow at a higher rate owing to the increasing urbanization, creating huge demand for infrastructure, thus attributing the mobile crane market growth. Governments of the most developing countries are consistently emphasizing on fixing the nation’s infrastructure deficit in order to improve the quality of life and strengthen economic competitiveness, thus enhancing the market potential.
Moreover, Oil and Gas application is projected to grow gradually due to enhancement in the machinery and their applications, further attributed to the advanced technological implementations. Thus, enabling easy and efficient operations through the refineries. Shipbuilding application is likely to have moderate growth due to constant construction projects at the ports, resulting in moderate usage and demand across the globe. Power and utilities sector is experiencing a gradual increase in power and energy generation projects. As per secondary research, the power and energy sector investment remained relatively stable in 2018 at USD 1.8 trillion.
The others segment is likely to witness steady growth due to limitations from the government regulations and projects globally.
Asia Pacific Mobile Crane Market Size, 2018 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Asia Pacific holds the largest mobile crane market share and is anticipated to show highest growth worldwide. Rising adoption of advanced technology-based machinery integrated with high-end applications, is promoting the overall market potential. China is estimated to hold the highest share as a result of numerous emerging market players that are manufacturing the technology driven cranes for varied mobile crane industry based applications.
North America market is likely to depict progressive growth rate due to increasing investments for the power and energy, construction, and shipbuilding sectors. The Construction Management Association of America (CMAA) states that with the membership of 11,000 corporates and construction owners, North American countries are anticipated to experience numerous investments in the construction, power and utility and shipbuilding sectors. The United States is estimated to dominate the market as the government is investing in developing the infrastructure of the country which includes several eco-friendly proposals without harming the environmental balance. As a result, the mobile crane manufacturers are witnessing tremendous opportunities as these machines are used in developing bridges, roads, buildings, shipbuilding, etc. Moreover, over the past years, the export from U.S. to other parts of the country is also increasing drastically that is further anticipated to positively influence the growth of the regional market in the coming years.
Moreover, the mobile crane market in Europe will witness substantial growth due to the increasing remanufacturing process in construction, as well as power and utility industry. The major determining factor of demand is increasing investments in various applications such as oil and gas, mining and shipbuilding projects. Germany is estimated to dominate the regional market as there is rise in the investments of infrastructural megaprojects, by simultaneously considering the environmental impact.
Additionally, GCC holds the highest market share in the Middle East and Africa regions, owing to the development of large-scale infrastructure projects across the GCC countries. Saudi Vision 2030 program is becoming the key growth driver for gearing up the development across the GCC, enabling the higher rates of foreign direct investments (FDI) in the construction industry. For instance, planning and construction of the world’s biggest airport i.e Al Maktoum International Airport is taking shape in Dubai, United Arab Emirates (UAE) with total investment of USD 32 billion with 140 million passenger pass by 2025.
Similarly, Latin America has a total of 421 construction projects planned, out of which Brazil has the highest number of infrastructure projects in pipeline valued at USD 241.5 billion. Colombia and Argentina have substantially larger number of projects including 114 projects valued at USD 66.8 billion and 92 projects worth USD 58 billion. Similarly, Chile has 309 projects worth USD 117.1 billion, Mexico with 209 projects valued USD 98 billion and Peru has 230 projects worth USD 83.1 billion; this in return, is anticipated to drive the mobile crane market demand globally.
“Manitowoc Emphases on Innovative Technology in order to Enhance its Product Portfolio"
Manitowoc unveiled its six new cranes and several lifting technologies from its Potain and Grove ranges at the Bauma 2019 exhibition in Munich, Germany. The company represented a technology pavilion, highlighting a significant number of customer-focused innovative products. Moreover, Manitowoc encompasses growth strategies and core values, that adds value to their key stakeholders, employees and customers. Such strategies further boost the development of strong business models, enabling viable financial results.
The growth of the market is attributed to the advent of SCADA, Industrial IoT and Artificial Intelligence technologies integrated in truck and all terrain cranes. This advanced technology is offering a highly integrated system with high adaptability to various utility applications. In the near future, these cranes will become a primary construction machinery for high-end industrial applications.
An Infographic Representation of Mobile Crane Market
To get information on various segments, share your queries with us
The mobile crane market report offers an elaborative analysis of numerous factors affecting the global market. These include opportunities, growth drivers, threats, key mobile crane industry developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as type and applications. It strategically examines several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players to gain a competitive edge in the market and attract high mobile cranes market revenue in the forecast duration
Value (USD billion)
Fortune Business Insights says that the value of the market was USD 14.35 billion in 2018
The market is projected to reach USD 22.34 billion by 2026
The market will grow at the rate of 5.8% CAGR. The introduction of industrial IoT, SCADA, AI and machine learning technologies is enhancing the market opportunities for the key players
Asia Pacific is expected to hold the largest share with a revenue generation of USD 6.27 billion in 2018 owing to the increasing adoption of high-end applications
Truck cranes segment is expected to be the leading segment in the market during the forecast period
Rising construction and power utilities spending worldwide to thrust the market growth in the forecasted timeline
Manitowoc, Tadano Ltd., Terex Corporation and Liebherr-International Deutschland GmbH are the top players in the market
Asia Pacific is projected to hold the largest market share, owing to the presence of emerging players in countries, such as China and Japan.
Construction application segment is expected to lead the market during the forecast period
Emergence of SCADA and Industrial IoT enabled mobile crane are the current market trends.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry